Senate Bill S5394

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5394

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen. AMEDORE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT in relation to granting retroactive membership with tier 3 status
  in the New York state teachers' retirement system to Victor Owen

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Notwithstanding  any  provision  of  law to the contrary,
Victor Owen, who joined the New York state teachers'  retirement  system
as  a  Tier  4  member and pursuant to section 645 of the retirement and
social security law was reinstated to a Tier 3 membership  and  who  was
subsequently  employed  as  a behavioral specialist by the Ulster county
board of cooperative educational services (BOCES) and who,  for  reasons
not  ascribable to his own negligence and despite being an active member
of the New York state teachers' retirement system since January 3, 1978,
did not receive credit for time served  between  August  29,  1994,  and
August 20, 1996, shall be authorized to purchase such subsequent service
as if it were prior service, if within one year of the effective date of
this  act Victor Owen files an application therefor with the head of the
New York state teachers' retirement system.
  S 2. All remaining past service costs of implementing  the  provisions
of  this  act shall be borne by the employers of members of the New York
state teachers' retirement system.
  S 3. This act shall take effect immediately.
  FISCAL NOTE. -- This bill would allow Victor Owen, a Tier 3 member  of
the New York State Teachers' Retirement System with a date of membership
of  January  3, 1978, to purchase subsequent service as if it were prior
service when he was employed as a behavioral specialist  by  the  Ulster
County  Board of Cooperative Educational Services (BOCES) between August
29, 1994 and August 20, 1996. Mr. Owen must file a written request  with
the  head  of  the New York State Teachers' Retirement System within one
year of the effective date of this bill.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10420-03-5
              

S. 5394                             2

  The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $47,000.  This  cost  would  be
borne  by  the  employers  of  members  of  the New York State Teachers'
Retirement System and by Mr. Owen. The employers of members of  the  New
York State Teachers' Retirement System would be responsible for approxi-
mately $42,400 and Mr. Owen for approximately $4,600.
  Employee  data  is  from  the System's most recent actuarial valuation
files, consisting of data provided by the employers  to  the  Retirement
System.  Data  distributions and statistics can be found in the System's
Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
reported  in the System's financial statements, and can also be found in
the CAFR. Actuarial assumptions and methods are provided in the System's
Actuarial Valuation Report.
  The source of this estimate is Fiscal Note 2015-29 dated May 12,  2015
prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
System and is intended for use only during the 2015 Legislative Session.
I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
Retirement  System.  I  am a member of the American Academy of Actuaries
and meet the Qualification Standards of the American Academy of  Actuar-
ies to render the actuarial opinion contained herein.